The "highway" has opened for the private economy.

May 2025 marks a milestone in the country's development when the Politburo issued Resolution No. 68-NQ/TW, dated May 4, 2025 (Resolution 68) on the development of the private economy. This is not simply a policy resolution, but a revolution in economic thinking and institutions, promising to open a bright "highway" for development in the private sector.

In Hoa Binh province, the private sector plays a crucial role in the economic structure, job creation, and poverty reduction. (Photo: Workers have stable incomes while working at Phu Thanh II industrial cluster, Lac Thuy district).

With the promulgation of Resolution 68, for the first time in the history of Vietnam's economic development, the role of the private sector was affirmed at a strategic level: the private sector is the most important driving force of the national economy. Along with the state-owned and collective economies, the private sector plays a core role in building an independent, self-reliant, and deeply integrated economy.

Thus, from a position once considered insignificant, the private sector has now become a main pillar in the nation's development architecture. This reflects a profound shift in the Party's leadership perspective. Recognizing the growth in both scale and quality of the private sector after nearly 40 years of reform, the Party affirms: Not only does it contribute to economic growth, but the private sector is also a key force in promoting innovation, increasing labor productivity, improving living standards, eradicating poverty, and stabilizing society. Therefore, in the "era of national progress" of Vietnam, the private sector is entrusted with a new historical mission: to become a main pillar in the nation's development structure.

Along with its historic empowerment, Resolution 68 has opened a promising "highway" for development, enabling the private sector to achieve spectacular breakthroughs. The timely and appropriate issuance of Resolution 68 raises expectations for fundamentally addressing the "bottlenecks within bottlenecks" that have hindered the development of the private sector for many years. In particular, policy researchers, economic experts, and the business community unanimously agree that this is a groundbreaking decision that strongly inspires the dedication of entrepreneurs – those with the historical mission of being soldiers on the economic front, entrusted with this task by the Party and the State.

Immediately after its promulgation, Resolution 68 created a positive ripple effect, raising expectations of unlocking social resources and firmly consolidating confidence in the Party's wise leadership. Following Resolution 68, the 15th National Assembly issued Resolution 198 on the development of the private sector economy, officially effective from May 17, 2025, less than two weeks after the promulgation of Resolution 68. Resolution 198 has 7 chapters and 17 articles, becoming the central legal framework guiding long-term policies for the development of the private sector economy. On May 30, 2025, Prime Minister Pham Minh Chinh signed a decision establishing the National Steering Committee for the implementation of Resolution 68, another important step demonstrating the decisive and effective implementation spirit of the political system to bring the Resolution into practice as soon as possible.

From strategic thinking to concrete action, over the past month, the decisive involvement of the political system has demonstrated a spirit of urgency and seriousness, reflecting the strong commitment of the Party and the State to creating a favorable development environment and removing the "bottleneck of bottlenecks" for the private sector to break through and become the most important and powerful driving force for the country's prosperity.

In Hoa Binh province, the political system from the provincial to the grassroots level, especially the business community, welcomed Resolution 68 with the belief that a "highway" had opened for the private sector. After one month of receiving positive signals from Resolution 68, Hoa Binh, like other localities nationwide, believes that "the time has come for the private sector to rise" - not just as a slogan, but as a practical imperative, a historical opportunity that cannot be missed.

However, the journey from resolution to reality is a very long one, requiring considerable internal strength and resilience. Placing Resolution 68 within the specific economic context of the province, the business community believes that: On the new "highway" of development, the private sector has a favorable starting point with the crucial support of appropriate institutions and policies. To accumulate more internal strength and accelerate to a level commensurate with its potential on the road ahead, in addition to the resilience and determination for innovation of the private business community, the responsible support of the entire political system is essential, especially the enthusiastic participation of the people – a huge economic resource that needs to be unlocked to unleash all the potential in society, liberating all productive forces and labor productivity in the socialist-oriented economy.

This also reflects the leadership spirit of General Secretary To Lam when emphasizing the importance of successfully implementing Resolution 68: "We will certainly successfully implement the Resolution, soon developing the private sector to its full potential, truly becoming the most important driving force and pillar ensuring the robust development of the national economy, realizing the aspiration to build a socialist Vietnam that is prosperous, strong, democratic, just, and civilized."

Thu Trang

Source: https://baohoabinh.com.vn/12/201770/Dai-lo-da-mo-cho-kinh-te-tu-nhan.htm